George Soros at the Bella Center suggesting that the rich countries could tap into Special Drawing Rights at the International Monetary Fund to help pay for climate projects in developing countries. - Foto: ANJA NIEDRINGHAUS/AP

The Hungarian-born financier George Soros has suggested that an immediate way
for industrialised nations to get USD 100 billion to fund developing country
climate mitigation would be to tap into the wealth of Special Drawing Rights
resources at the International Monetary Fund (IMF).

The issue of funding developing nations in their attempts to offset the
effects of climate change, is one of the major topics of contention at the
COP15 Climate Summit.

Soros suggests that the funds could be paid into a Green Fund which could pay
for climate projects in the developing world.

“It’s a simple and practical idea on how to make USD 100 billion available to
developing countries to battle climate change. All that is needed is the
political will,” Soros tells a 100-person audience in one of the COP15
meeting rooms at the Bella Center.

Soros says that his proposal cannot stand alone, and that there are already
proposals to provide USD 10 billion for developing countries in 2010, 2011
and 2012. Taxes on shipping fuel could be another option he adds.

“The money that is on the table already is not enough given the major problem
that is climate change. So it would be a great success if my proposal became
part of the agreement here in Copenhagen,” Soros says, adding that while he
would expect opposition from the United States, other governments he has
spoken to appear positive.

“There seems to be broad support and I hope they will come forward with that
support,” Soros says.

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